nawaforyouo:


baba,

the thing is going in opposite direction ooo

New low! Na technical analyst Abe o. See crashing!

Give me any asset, a go predict with precision. I analyse and trade for a living.

The closing price on Friday was 1161; it has now hit a new low at 1075

Dollar wet dey go 830! Impulsive way on the daily chart.

Convergrnce of Aboki and official rate dey sweet my belle wella.
.
We shall deal with the cryptorians soon! I trust EFCC on this

EFCC operatives should join those crypto exchanges and try to buy USDT to get the bank details of saboteurs and track them. Anyone on those platforms that quotes above the official rate should be tracked and arrested immediately.

You have to interact with the thief to catch him.

This stupid saboteur's account details below called Kingsley uses moniepoint.

Moniepoint licence should be revoked now

NOwazobia:
Family matter.


Next!!

Hausas and Fulanis can't be family! Hausas are peace-loving, Fulanis are terrorists.

Yorubas should burn all the Fulani settlements around them if they want peace. Fulanis don't belong to Nigeria.

Pierocash:
A lot of f. ools are roaming the street of Nigeria. They keep blaming crypto trades as the reason behind the declining naira.

Is dollar pegged to usedt or usdt pegged to dollar. This illiterates keep saying usdt is the cause of naira crash how.

Usdt is pegged to dollar, it is the price of dollar that reflects on usdt, and not usdt reflecting on dollar.

What causes dollar spike is dollar scarcity, and not usdt scarcity.

So how does crypto trade affect naira.

Binance was closed for money laundering and terrorism financing and not mainly because of dollar spike. Awon oponu

Ole, ole, ma lo wa ise se! P2P na work?

yemmit90:
The main reason is that, speculators has started accumulate for profit.

I notice since the day that foolish woman "Aisha Yesufu" or whatever they call her, advise people to start keeping their dollars, naira has been on steady decline.

What these people don't know is that, whatever they say can influence alot of people decision, how will you make such a statement, having know that there are set of people in millions who are always looking up to you for direction.

If Nigeria government is serious enough, such character should've been putting behind the bar since making that statement.

Aisha Yesufunshould be in jail now! EFCC, do your job.

I am calling on the FG to stop the evil activities of Nigerian speculators on the these 2 crypto exchanges - Bybit and bitget.

Arbitrageurs are now taking advantage of the difference between the official and the rate on these exchanges to cause the depreciation of the Naira.

This is what the government should do:

To buy USDT on these platforms, the sellers mostly use opay, palmpay and now moniepoint to receive transfer for their sales. The licences of these minibanks should be terminated as they are channels of economic sabotage.

Any other channels used by them will be exposed as we are active on these exchanges watching how things go on there.

This is bybit.

Bybit and bitget must be stopped now.

Verbtips:
AmHim1
i eat a lot of calories
yet am still skinny
no be food dey make pesin fat
i go fit finish 4 cup of beans top am with 3 garri
and the day i feel like drinking garri
10 cups go go down,
if na swallow 1kg of semo
i go finish am.
but if you see me you go really pity me.if no be now
Wey i dey try to reduce my food intake so make i no dey give my organ hard work
no be food dey make pesin fat.but people wey know me predict say my fat go come like a flood well am looking forward to that.
but your claim are baseless

Your own case fit be hereditary sha!

Hmnn! Following.

misreal:

So wat other factors contribute to this great support Israel gets from Israel.

Jews in those countries control technology, politics, finance, and science! They're inventors, pioneers, scientists, and billionaires.

I wish they were in Nigeria to turn things around with their brain.

I love the Jews!

Wave analysis 4 hour chart:
Fifth wave about to begin after the correction capped at 1161.78.

The fifth wave is projected to hit 830.

The way Dollar go crash ehn! Thanks to TA!

Technical analysis:
Currently on the third wave (impulsive) to drop below 844 before any correction.

19/4/2033

There's nothing like parallel market again! My broker used to charge me with crypto exchange rate but now charges me with the official .

First pic: My broker $10 @ 1173
Second: Official 1170

Chai! Science o.

Omo, we need to learn about weapons o and how they cause destructions to humans. I'm a complete ignoramus when it comes to how bombs cause havoc.

The Dangote Petroleum Refinery has listened to the calls of oil marketers as regards the reduction in the price of Automotive Gas Oil, popularly called diesel.

On Tuesday, the refinery announced a reduction in the price of diesel from N1,200/litre to N1,000/litre, a development that triggered excitement among operators in the downstream oil sector.

Dangote refinery announced this in a statement issued on Tuesday by its spokesperson, Tony Chiejina.

The statement read in part, “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1200 to N1,000/litre.

“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200/litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600/litre.

“This significant reduction in the price of diesel at Dangote Petroleum Refinery is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

On April 10, 2024, The PUNCH exclusively reported that oil marketers called for a downward review in the pump price of diesel being produced by the Dangote Petroleum Refinery to between N700 and N850/litre.


The operators also revealed plans to meet the managers of the refinery this week, as stated in the report.

Reacting to the price reduction on Tuesday, the Secretary of the Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja Branch, Mohammed Shuaibu, said, “This is a welcome development and I am happy to hear this news because it will further increase competition in the downstream which will benefit many Nigerians.

“Such competition would create room for more price reduction and we are going to start seeing the positive impact on the cost of goods and services on the long run.”

On his part, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, said, “I have not heard about it yet. But I will be excited if it is true. It is good news.”

IPMAN, which made the call for a reduction in diesel price during an interview with The PUNCH last week, had explained that the N1,225/litre price for the commodity from the indigenous refinery was high because the product was produced in Nigeria and not imported.

The Petroleum Products Retail Outlets Owners Association of Nigeria had also called for a reduction in the price of Dangote diesel.

The groups called for the intervention of the Federal Government and urged the managers of the refinery to consider the high cost of logistics required to transport the product from Lagos where the refinery is located.

The oil marketers pointed out that the product is being landed in Nigeria by some importers at N1,250/litre following the appreciation of the naira against the dollar, adding that this should be another reason why the Dangote refinery that produces diesel in Nigeria should cut down its price.

According to the oil marketers, diesel produced at the Dangote refinery has no vessel cost, import charges, and other costs associated with the costs associated with the importation of the commodity into Nigeria.

https://punchng.com/marketers-excited-as-dangote-slashes-diesel-price-to-n1000-litre/

The Federal Competition and Consumer Protection Commission (FCCPC) has ordered its officials to monitor and enforce fair pricing practices both in formal and informal markets in Nigeria amid the rising cost of living.

This is contained in a statement from its Acting Chief Executive Officer, Dr. Adamu Abdullahi, on Wednesday, April 17.

FCCPC argued that despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices, adding that such a situation is not acceptable

The commission therefore said that its agents will increase surveillance of all market sectors, including formal and informal settings where there is potential for businesses to exploit market conditions by unjustly raising prices, and to enhance enforcement measures.

According to Abdullahi, the agents will collaborate with trade associations, farmer groups, and other relevant stakeholders to identify and eliminate unwarranted entry barriers across different sectors, fight price-fixing, and break up cartels.

“Despite the recent appreciation of the Naira against the dollar, consumers continue to face escalating costs without a corresponding decrease in prices.

“This situation is unacceptable, and the FCCPC is committed to protecting consumers from exploitation.
“While the FCCPC cannot directly regulate prices, the Commission will utilise its existing legal framework to enforce fair competition and consumer protection provisions.

“The Commission has directed its operatives to intensify monitoring of both formal and informal markets, where businesses may be taking advantage of market conditions to unfairly inflate prices, and ramp up enforcement activities.

“The operatives will be working collaboratively with trade associations, farmer groups, and other stakeholders to identify and remove unnecessary barriers to entry in various sectors, combat price-fixing, and dismantle cartels. This will encourage increased competition, ultimately leading to lower prices for consumers,” Abdullahi said.

Backstory
In an earlier statement by FCCPC, reported by Nairametrics, the commission had urged Nigerians to report unfair trade practices to them.

This was in response to citizens’ complaints that despite the appreciation of Naira against the Dollar, consumers continue to pay high prices for goods and services in the market.

While the Dollar has fallen significantly against the Naira both in the official and parallel market, headline inflation and food Inflation continue to rise, as per recent data from the National Bureau of Statistics.

The recent data from NBS revealed that food rose to 40.01% year-on-year as of March 2024, marking an increase of 15.56 percentage points from 24.45% in March 2023.

This surge in food inflation can be attributed to rising prices for items such as garri, millet, and akpu uncooked fermented (all part of the bread and cereals category), as well as yam tuber, water yam, and others.

https://nairametrics.com/2024/04/17/naira-appreciation-fccpcs-agents-to-monitor-prices-of-goods-in-nigerian-markets-ceo/

Local farmers aren't bringing down prices of garri, beans, maize, guinea corn, etc! Consumer protection agency should wake up and do their job; prices of locally produced foods are still rising, only imported rice is dropping.

If the farmers aren't bringing down prices, the government should open the border and import beans, garri, maize, etc since the farmers have refused to be sensible.

Smuggled rice is getting cheaper by the day.

EFCC, this is an economic crime, encouraging citizens to hold on to a foreign currency in Nigeria.

EFCC, do your job and arrest this woman now like you did to Bobrosky.

https://leadership.ng/naira-gain-surpasses-expectations-at-n1020-say-bdc-operators/


Leadership News
Naira Gain Surpasses Expectations At N1,020/$, Say BDC Operators
Written by Nafisat Abdulrahman 4 mins ago

ABCON President, Aminu Gwadabe.
ABCON President, Aminu Gwadabe.

The Association of Bureau De Change Operators of Nigeria (ABCON) has observed a faster-than-anticipated appreciation of the Nigerian Naira against the US Dollar.

President of ABCON, Aminu Gwadabe, disclosed this during a virtual appearance on Channels Television’s ‘Business Incorporated’ programme on Tuesday.


Naira Surges Against Dollar, Hits 5-month High


According to Gwadabe, as of Tuesday afternoon, Bureau De Change (BDC) operators were purchasing the US Dollar at N980 and selling at N1,020. This rate starkly contrasts with the official exchange rate of N1,161 per dollar set by the Central Bank of Nigeria (CBN). This significant appreciation marks a gain of over 40% from early January, when the rate hovered around N1,900 per dollar, to now approximate N1,100.

The CBN has implemented several strategies aimed at bolstering the Naira. These included clearing nearly $7 billion in valid foreign exchange backlogs and supplying foreign exchange to over 1,500 BDC operators at official rates. Additionally, the CBN has taken measures against cryptocurrency platforms like Binance, which have been accused of fostering speculative activities.

Gwadabe lauded the current administration’s efforts, noting the historic nature of the Naira trading lower in the parallel market compared to the official rate—a phenomenon not seen in the past 15 years. “It’s a long journey, it did not start today. It’s a culmination of many factors, even though it happened faster than expected,” he explained. “I want to congratulate the management of the Central Bank. For the first time in the history of Nigeria, over the past 15 years, we have never seen where the open market is lower than the CBN rate.”

My Mamaput joint said it's 58k yesterday. Rice falling hard, other food items are still up there - garri, beans, maize, guinea corn etc.

Badagry.

BreconHills:


How much has the government sold to the BDC's? About 0.6% of turnover

How can this be defending the naira?

Having said that - all governments defend their currencies - but this is different from past efforts such as dumping money from reserves on the market or restricting imports.

Maybe you should be specific on the actual method they are using to defend it.

Even China and Japan 'offend' their currencies to ensure cheap exports as producing countries.

What's the use of foreign reserves sef? Isn't it to influence monetary policies? You use it boost exports or make imports cheap for locals.

The sub-illiterates are just shouting 'defend Naira' every time as if the phrase was a taboo.

Denrele my man, congratulations!

Confirmedzombie:
Pure propaganda. Israel already begging UN to call Iran to order.

I beat my chest, Iran will destroy and level down Israel.

You cant provoke the Arab world and go scot free.

May Allah be unto our Iranian brothers and give them the strength and power to seal with Israel.

Insha Allah
Amin

Ignoramus, rest! Iranians aren't Arabs, but Persians. Because they are Muslims, they are Arabs, right?

What steps did the Nigeria's apex bank take to unify and bring down the exchange rates from 1900 to 1100/$?

Good answers to future Economics questions.

State of billionaires!

Bola Tinubu, the Financial Engineer.

By the time he finishes with the economy of Nigeria, Una go beg am to do another 8 years.

Omoawoke:
That’s because there are no Christians and Muslims there.
The more extremely religious Christians and Muslims you have, the more problem you have in that nation

Correct! Christianity and Islam are the foundation of crimes.